Cora Gold plc (LON:CORA) has received a highly encouraging update from Hannam & Partners, with the latest research note from the broker highlighting a major financing milestone for the company’s Sanankoro gold project in Mali.
The note, dated 20 April 2026, focuses on Cora Gold’s binding US$120 million gold stream agreement with Eagle Eye Asset Holdings, a transaction that Hannam & Partners says takes Sanankoro to fully funded status. Eagle Eye already owns 29.9% of Cora Gold and, under the agreement, will receive 30.44% of gold produced from Sanankoro at a price equal to 20% of the spot gold price.
“In our view, this is a significant derisking event for the project, with the funding allowing Cora Gold to advance with pre-production workstreams with increased confidence.”
That direct view from Research Analyst Jonathan Guy is central to the investment case set out by Hannam & Partners. The broker notes that the financing package follows a £15.7 million equity raise completed in March 2026. Previously, Hannam & Partners had assumed Cora would need to raise US$28.8 million in equity during 2026 and US$80 million of debt in 2027 for construction financing. The new stream removes the need for those assumed funds, although Cora retains the right to replace 50% of the stream, equal to US$60 million, with traditional senior debt for up to 240 days from completion of the deal.
Sanankoro project moves closer to development
Sanankoro is located on the Yanfolila gold belt in southern Mali. Hannam & Partners describes it as a straightforward project, based on a series of open pits feeding a standard CIL and gravity circuit. The project hosts a scalable gold resource of 1.04 million ounces and a reserve of 531,000 ounces, with the broker noting further exploration potential across the wider licence area.
The latest research note from Hannam & Partners also points to the project’s Definitive Feasibility Study, which the broker believes can be optimised to add mine life through resource conversion. In its expanded case, Hannam & Partners models average production of 48,000 ounces over 13.5 years, with an All In Sustaining Cost of US$1,489 per ounce.
Key operational and financial highlights
- US$120 million binding gold stream agreed with Eagle Eye Asset Holdings.
- Stream covers 30.44% of Sanankoro gold production at 20% of spot gold prices.
- Hannam & Partners target valuation increased to 27p per share, from 20p previously.
- The broker’s updated target sits 130% above the 17 April 2026 share price of 11.75p.
- Sanankoro NAV estimated at US$247 million using an 8% discount rate and long-term gold price of US$3,500 per ounce.
- First gold is forecast for FY28 by Hannam & Partners.
- Projected FY28 revenue of US$141.3 million and FY29 revenue of US$164.6 million.
- Projected FY28 EBITDA of US$85.84 million and FY29 EBITDA of US$89.59 million.
Valuation uplift reflects reduced dilution
Hannam & Partners has lifted its target valuation for Cora Gold to 27p per share, compared with 20p previously. The broker says this reflects the less dilutive impact of the stream compared with its earlier funding assumptions. It values Cora using 0.75 times NAV for the expanded Sanankoro case, including upgraded inferred material, and also attributes US$27.9 million to exploration potential within the broader Sanankoro lease area and US$10 million to the Madina Foulbé project in Senegal.
The remaining key hurdle before construction is permitting. Cora has noted ongoing constructive dialogue with the Government of Mali, while Hannam & Partners also points to what it sees as a more constructive government approach to the mining sector following agreements with miners in the country.
Final Thoughts
The latest research note from Hannam & Partners presents Cora Gold’s US$120 million stream financing as a major step forward for Sanankoro. The deal appears to address the project’s core funding requirement, reduces reliance on further equity or debt as previously assumed by the broker, and gives Cora a clearer route towards pre-production activity. With Hannam & Partners raising its target valuation to 27p per share and highlighting meaningful exploration potential, the note frames Sanankoro as a more advanced and better-funded development opportunity, while still recognising that permitting remains the next important milestone.
